China's Shanghai Hai Xing Shipping Co has urged shareholders to use caution in dealing with its shares, because it has yet to learn how it will be affected by the setting up of China Shipping Group. Hai Xing's H shares soared almost 29 per cent on Friday after news its parent, Shanghai Shipping (Group) Co - which holds 56.45 per cent of the company - would be a member of the newly formed giant, China Shipping. 'The board of directors cannot determine whether the recent price and volume increases are due to the . . . proposal by the Ministry of Communications,' company secretary Ye Yumang said. Details of the reorganisation and role of China Shipping were being discussed at the ministry, he said. More information would be releases as it was made available.